Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data) S 35,000 Beginning work in process inventory Plus Manufacturing costs incurred Direct materials used S 72,000 86 000 Direct labor 70 600 Manufacturing overhead Total manufacturing costs to account for 263,600 31 000 Less Ending work in process inventory S. 232,600 Cost of goods manufactured Now calculate the cost of goods sold West Nautical Company Calculation of Cost of Goods Sold For Current Year Plus Less Cost of goods sold Data Table Beginning of Year End of Year End of Year $ Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials $ $ 11,500 S 13,400 $ 3.700 $ 77,000 $ 28,500 23,000 $ 25,000 Insurance on plant 35,000 $ 31,000 Depreciation-plant building and equipment 20,000 $ 22,000 Repairs and maintenance-plant $ 74,000 Marketing expenses S 86,000 General and administrative expenses $ 42,000 Direct labor Indirect labor